The inflation rate of all items, excluding farm produce and energy, reached 29.28% as of December 2024, a 9.45% increase from May 2023

Key takeaways:

  • February 2024 saw the largest month-on-month rise in inflation, climbing nearly 2% from 23.59% in January 2024.
  • Nigeria experienced brief periods of relief, with slight drops in core inflation during November 2023 and September 2024.
  • From May 2023 to December 2024, the inflation rate fluctuated within the 20% to 30% range.
  • December 2023 registered the highest inflation rate during the first eight months of the observed period.
  • The core inflation rate dropped to 22.59% in January 2025 from 29.28% in December 2024 due to the Consumer Price Index rebasing from 2009 to 2024.

The inflation rate in Nigeria, which excludes farm produce and energy prices, demonstrated a persistent upward trend from May 2023 to December 2024. Starting at 19.83% in May 2023, the rate climbed steadily to 29.28% by December 2024. The year-on-year comparison reveals significant acceleration, with December 2024's figure standing 6.21% points higher than December 2023.

Mid-2024 saw a period of relative stability, with inflation rates hovering around 27% from May through July. September 2024 provided a brief relief with a slight decrease of 0.15% from August's 27.58%. However, this relief proved temporary, as inflation resumed its upward path in the final quarter of 2024.

The core inflation rate dropped to 22.59% in January 2025 from 29.28% in December 2024. This is due to the National Bureau of Statistics rebasing the Consumer Price Index from 2009 to 2024 in January 2025.

Source:

National Bureau of Statistics

Period:

May 2023 - January 2025
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